ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -All legal production and distribution decisions are made by the government in a socialist system. The government also determines all output and pricing levels and supplies its citizens with everything from food to healthcare.

Detailed explanation-2: -In socialist economies, governments are charged with redistributing wealth and narrowing the gap between the poor and the rich. While no modern-day countries are considered to have a “pure” socialist system, Cuba, China, and North Korea have strong elements of socialist market economies.

Detailed explanation-3: -Socialism is a political philosophy and movement encompassing a range of economic and social systems, which are characterised by social ownership of the means of production, as opposed to private ownership.

Detailed explanation-4: -Communism. Communism is a form of socialism based on the writings of German philosopher and economist Karl Marx. In a fully realized communist society, all property and goods are commonly owned by a society without government or class divisions.